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China, Asia, and the New World Economy$
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Barry Eichengreen, Yung Chul Park, and Charles Wyplosz

Print publication date: 2008

Print ISBN-13: 9780199235889

Published to Oxford Scholarship Online: May 2008

DOI: 10.1093/acprof:oso/9780199235889.001.0001

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Is East Asia Safe from Financial Crises? 1

Is East Asia Safe from Financial Crises? 1

(p.233) 9 Is East Asia Safe from Financial Crises?1
China, Asia, and the New World Economy

Charles Wyplosz (Contributor Webpage)

Oxford University Press

This chapter examines whether East Asia remains vulnerable to financial crises. Section 9.2 reminds us that this question would have received a negative answer even as late as in 1996. Section 9.3 describes how the East Asian countries have endeavored since 1998 to protect themselves from a re-run of the traumatic events that are still haunting them. In particular, it argues that the spectacular build-up of foreign exchange reserves reduces, but does not eliminate, the odds of a crisis. Based on the three generations of crisis models, Section 9.4 seeks to identify the remaining vulnerabilities. The last section wraps up the previous conclusions and examines the policy options.

Keywords:   financial crises, East Asian countries, foreign exchange reserves, crisis models

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